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ORDINANCE NO. 79-17 ORDINANCE CREATING THE HOUSING FINANCE AUTHORITY OF INDIAN RIVER COUNTY, FLORIDA; PROVIDING A DECLARATION OF NEED; PROVIDING FOR THE EXERCISE OF ALL POWERS AUTHORIZED BY THE FLORIDA HOUSING FINANCE AUTHORITY LAW; PROVIDING FOR OPERATIONS WITHIN AND WITHOUT THE COUNTY; PROVIDING FOR THE ISSUANCE OF REVENUE BONDS; PROVIDING FOR THE ORGANIZATION OF THE AUTHORITY; PRO- VIDING FOR THE APPOINTMENT OF MEMBERS; PROVIDING FOR THE ALTERATION OF •THE AUTHORITY'S ACTIVITIES BY THE COUNTY; PROVIDING SEVERABILITY, INCLUSION IN THE CODE AND AN EFFECTIVE DATE. WHEREAS, the Legislature of the State of Florida enacted the "Florida Housing Finance Authority Law", codified as Chapter 78-89, Laws of Florida, (the "Act") during the legislative session held during 1978, in which the Leg- islature found and declared that: (1) Within this state there is a shortage of housing available at prices or rentals which many per- sons and families can afford and a shortage of capital for investment in such housing. This shortage constitutes a threat to the health, safety, morals, and welfare of the residents of the state, deprives the state of an adequate tax base, and causes the state to make excessive ex- penditures for crime prevention and control, public health and safety, fire and accident pro- tection, and other public services and facili- ties.. 4. (2) Such shortage cannot be relieved except through the encouragement of investment by private en- terprise and the stimulation of construction and rehabilitation of housing through the use of public financing. (3) The financing, acquisition, construction, recon- struction, and rehabilitation of housing and of the real and personal property and other facili- ties necessary, incidental, and appurtenant thereto are exclusively public uses and purposes for which public money may be spent, advanced, loaned, or granted and are governmental func- tions of public concern; and M WHEREAS, the Act authorizes each county in the state to create by ordi- nance a separate public body corporate and politic to be known as the "Housing Finance Authority" of the county for which it was created; and WHEREAS, pursuant to the Act, a housing finance authority may not trans- act any business or exercise any powers under the Act until the governing body of the county for which such housing finance authority is created passes a resolution declaring the need for a housing finance authority to function to alleviate a shortage of housing and capital for investment in housing in its area of operation; and JUN 61979 BOOK • 40 PAGE 407